Filing Flows › Macy's (M) › Q2 FY26
Macy's (M) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Sep 10, 2025
Macy's (M) reported revenue of $5.0B for the second quarter fiscal 2026 (Q2 FY26), -2% from a year earlier and +4% from the quarter before. Operating margin was 3.0%, net earnings $87.0M (1.7% of revenue).
Macy's, Q2 FY26: revenue $5.0B (-2% year over year), operating margin 3.0%, net earnings $87.0M, operating cash flow $319M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.0B | +4% | -2% |
| Operating profit | $149M | +59% | -33% |
| Net earnings | $87.0M | +129% | -42% |
| Operating cash flow | $319M | — | 40× |
| Free cash flow | $240M | — | — |
What changed
Revenue was $5.0B in Q2 FY26, down 2% year over year and up 4% from the previous quarter.
Operating profit was $0.15B, a 3.0% margin (down 1.4 points year over year). Total costs fell 0% while revenue fell 2%. Net earnings were $0.09B, down 42% year over year. The effective tax rate was 24.3%.
Operating cash flow was $0.32B (up 3888% year over year), 367% of net earnings. Non-cash charges added back $0.22B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.08B left free cash flow of $0.24B.
Questions
What was Macy's revenue in the second quarter fiscal 2026?
Macy's (M) reported revenue of $5.0B for the second quarter fiscal 2026 (Q2 FY26), -2% from a year earlier and +4% from the quarter before.
Was Macy's profitable in the second quarter fiscal 2026?
Operating profit was $149M (3.0% of revenue) and net earnings $87.0M.
Source: Macy's 10-Q on SEC EDGAR.